You’re in the market for an aircraft. According to the National Business Aviation Association, aircraft values have plummeted by 40% to 60%, meaning as a buyer, you’ll notice more savings. But before you buy a plane or a helicopter, a few deciding factors will help make your first-time buying an easier experience.
Building an Expert Team of Professionals
If you’ve ever bought a car, you know the different hurdles you need to jump through. Imagine that, just ten times more complicated. You need to navigate tax laws. You need to pass through increased lender scrutiny to secure a loan. You need to understand what aircraft maintenance equipment to purchase. For a first-time buyer, all these expectations add stress to buying an aircraft. Most first-time buyers are instructed to hire four types of experts to make the buying process easier: a broker, a lender, a management company and a tax attorney, each skilled in a different process of buying an aircraft.
The Pre-Buy Inspection
After the analysis phase that determines how an aircraft will be used, navigating tax codes and regulations, and securing a loan, buyers test out an aircraft. The pre-buy inspection allows a qualified mechanic to determine how well the machine operates. These experts inspect gauges, hydraulic systems and may recommend turbine starting units to determine how the machine works and what repairs are needed. After, a flight takes place to allow you and another expert the chance to evaluate how the aircraft operates in the air. These tests provide you an opportunity to spot any issues before purchasing.
The purchase itself is typically a straight-forward process that includes a bit of paperwork. Both the buyer and the seller establish their expectations to understand when certain events in the buying and selling processes need to be fulfilled. After which, both individuals come to terms and make the agreement.
After the purchase of a unit, the aircraft will need regularly scheduled maintenance to ensure the safety and proper operation of the machine. Knowing respected and experienced mechanics will help while contracting the use of other professionals who inspect aircraft or even a mining equipment starting unit to propel a machine can lighten your stress levels. Each different laborer will provide tips for maintaining an aircraft, buying fuel and storing a machine to avoid damage.
As you start your trek through buying an aircraft, you’ll discover the complexity and number of professionals needed to make the experience as simple as possible.